Excelsior Energy Capital has sold a portfolio of 38 solar energy and solar-plus-storage projects to BlackRock’s Evergreen Infrastructure Partners Fund.
The holdings consist entirely of operational solar and battery storage assets with a total nameplate capacity of 89MW (dc), which formed a sub-portfolio within Excelsior’s Fund 1.
The fund, which launched seven years ago and attracted capital commitments above its $500m target, has invested in solar, wind, and battery storage projects across 10 US states.
Fund assets support the generation of more than 3000 gigawatt hours of renewable energy annually at steady state operations.
“This successful exit marks a proud milestone for the Excelsior team and validates our differentiated strategy for addressing North American renewable power generation,” said Excelsior managing partner Chris Moakley.
Co-founder and partner Anne Marie Denman added: “The sale confirms Excelsior’s ability to successfully manage the full lifecycle of an investment from origination through to realisation.”
Managing director and head of the Americas for BlackRock’s Evergreen Infrastructure Partners Fund James Berner added: “This investment, sourced from a strong existing relationship across BlackRock Infrastructure with Excelsior, epitomises the fund’s strategy of investing in long-dated infrastructure platforms with potential future growth well aligned with the energy transition and energy security.”